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Aarvee doubles denim fabric exports
03
Jun '11
Mr Ashish Shah-led Aarvee Denims and Exports Limited posted a stupendous 100 percent growth in denim fabric exports, in the just concluded fiscal ended March 31, 2011.

This was made possible, mainly as Ahmedabad-based Aarvee concentrated on the overseas markets, which led to big-time apparel retailers like, Walmart and VF Corp, veering more towards the company.

Of the Rs 4.94 billion revenue that Aarvee posted in the previous fiscal, nearly one billion rupees was generated from exports. Now the company has targeted Rs 1.5 billion in exports, in the current fiscal year.

“The export growth was mainly due to, increase in volume as well as realization. Exports more than doubled, because of Chinese factors and also due to our better quality and competitive price”, Mr Utsav Pandwar, Finance Controller - Aarvee Denims & Exports Ltd told Fibre2fashion.

He said, “In the Indian domestic market too, we have a good presence, because of our own marketing and distribution network and also because of better quality and competitive price”.

Revealing their expansion plans, he informed, “We have expanded our denim fabric production capacity from 60 million meters to 72 million meters per annum in March 2011 and will be further expanding it to 84 million meters in August 2011”.

When quizzed about the closure of their De Extase outlets in Mumbai and New Delhi, he said, “Yes, we have closed down 10 De Extase stores, because they were not profitable. Our turnover from the retail segment is just around one percent of total fabric revenue; hence this will not affect our business”.

Fibre2fashion News Desk - India

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